The most important step in selling your home is finding that sweet spot, the accurate market value of your home. If it’s priced too high, you will know in the first few weeks.
Two biggest mistake home sellers make:
1. Picking a Realtor because they tell you they can sell your home for higher than it is worth. Sometimes, Realtors will tell sellers that their home is worth more, just to get the listing. Make sense, right? You would want to choose the Realtor that you think could get you the most money. Why would they want to list a house priced too high to sell? The Realtor may not have performed all the due dilligence for a detailed Market Analysis or the Realtor may be trying to promote their own brand on the internet. The more listings they have, the more their brand is on the web. If that's their goal, selling your house fast may not be a priority for them. You can price your house as high as you want but keep in mind, you want to create a buyer frenzy and get as many showings as possible the first few weeks. The more qualified buyers we get to tour your home the better chance of getting a solid offer. If the contract price is higher than the appraised value, the whole process of showing your home, taking it off the market when the contract was signed, etc., was all a waste of time. This is a very complex evaluation, reviewing recent sold properties in your area and comparing them to the subject property. Every detail of the property will be considered and compared with the recent sold properties in your area. Then there will be no surprises when the buyer applies for the loan, and the lender sends a competent appraiser out to evaluate the market value of your home. The Home Must appraise for sales price or higher or the deal may fall through.
How can you avoid this? Ethical Realtors will always promote the HOME, not their business. Picking the right Realtor is a huge financial business decision. If a Realtor says they can sell your home for XXX dollars, ask for proof that comparable homes in the same area have sold for that price. They should be able to come up with a detailed list from the MLS. Keeping your house spotless, leaving for showings etc. is hard work and inconvenient, to put it mildly. Hire a Realtor who is easy to work with and can sell your home quick and for the most money, without over pricing.
Pick the Realtor first, then the price you are comfortable with!
2. Pricing their new listing too high, thinking they can always lower the price later.
Sounds like a good plan, right? Wrong. Seasoned Realtors watch the new listings coming on the market each day. These new listings are introduced on all the international Real Estate websites and viewed by thousands of potential home buyers. This is when your listing gets the most exposure. You only get one chance to make a great first impression. The Homes first Showing is on the web. Internet presentation is everything! A high priced listing is going to help your neighbor sell their home but waste your precious time. The first 2 or 3 weeks are critical!! If you choose a good Realtor, they will help you get the perfect price listed right off the bat.
Getting a true and accurate market value of your home takes research, market knowledge and experience. There are several factors that equate into the formula. A computer based home value engine treats all homes by price and square footage. It doesn’t take into consideration if a home was well cared for, has an updated master bath or is backed up to a main road. Zillow CEO Spencer Rascoff's Seattle home recently sold for $1.05 Million 40% less than the Zestimate of $1.75 million. This is one of the many reasons I believe a good Realtor will always pay for themselves.
If you are considering selling your home it may be worth more than you think. For a true, accurate market value of your home that is backed up by facts, contact me and I will visit your home and do a complete comparable market analysis. Then I will show you my international marketing plan that will get more qualified buyers into your home.
David Foster GRI E-Pro E-mail firstname.lastname@example.org Phone 239-246-5660